Need to improve your marketing ROI? Here are 5 quick win strategies marketers can use to ensure you deliver the best possible results without breaking the bank.
Improving your marketing ROI is like using a claw machine to win your favourite toy – you need to keep changing your strategy until you get it right and generate sales or leads. Measuring and optimising your marketing strategy is essential as you can see how your campaigns are performing and find out what works for your business. Regardless of the industry, your success will be limited without an effective marketing strategy in place.
How to optimise your marketing strategy to increase sales
According to the Digital Marketing Institute, “Business objectives, like any strategy, should be evaluated on a regular basis. The review should take goals met into account, along with those that were not realized and others that should expand due to successful outcomes. As the main goal of a strategy is to meet business objectives, it’s necessary to review these objectives when overhauling a strategy to ensure alignment.”
Your marketing ROI is measured according to specific metrics like:
- Your conversion rate: How many visitors convert into leads?
- Your cost per lead (CPL): How much is acquiring a single lead costing your company? Divide your total campaign spend by the total amount of leads generated.
- Your cost per acquisition (CPA): This is what it costs to acquire a new customer. Divide your overall campaign spend with the total number of sales generated through a digital campaign.
- The lifetime value of a customer: How much will your customers spend over their lifetime?
The Digital Marketing Institute continues, “The key to a successful strategy is looking at the opportunities that are available to an organisation. To achieve this, interrogate questions such as:
- What do customers want from our company?
- What do consumers respond to on social media?
- How do we differ from competitors?
- Does the company have a USP, and if so, what is it? And do we capitalize on it in our content marketing?
- What trends are emerging that we need to be aware of?
- What are the most important things to our customers based on data?
- How can we communicate better with consumers?
- What platforms are customers using that we are not?”
Here are our top quick wins for busy marketers
Re-purpose your existing content
We know you have a lot of content and even new content ideas you’d like to give a try, but sometimes it’s best to re-purpose existing content. It will help you reach a new audience, make the most of your content distribution efforts, reinforce your original message and gain extra domain authority.
Update your website regularly
According to The Mind Studios, “With the majority of people spending more and more time online, regular updates that are well executed can help your business grow and lift it to the top; a lack of updates, consequently, can bring you down.”
Updating your website is a cost-effective way to advertise your business online, and it’s important that your website must stay relevant as it can give you a higher return on investment.
Here are a few reasons to update your website:
- Your content management system is outdated: It takes just a few seconds to capture the attention of your visitors – make it count.
- Your website needs a redesign and should look fresh and contemporary.
- Your website is not mobile responsive: Nowadays, everyone is using a mobile device. Make sure your website is mobile responsive and looks beautiful on a mobile device.
- The goal of your business has changed: Is your website still addressing the purpose of your website? Business goals change on an ongoing basis, and so should your website.
Optimise your social media efforts
Creating a targeted social media strategy is essential, but it doesn’t mean you should set-it and forget-it. Always look for ways to improve the existing messaging, tone, targeting criteria and concepts when publishing social media organic content or running any social media ads. Social Champ, a social media marketing automation and software platform notes, “Being present on social media is a big win for your business. But, it doesn’t stop there, you need to help customers find you.”
Improve your current SEO strategy
Search Engine Optimisation (SEO) is a crucial part of any business’ website and overall marketing strategy. Improving your SEO strategy will help you reach a wider audience, increase traffic and visibility and effectively deliver your message and content to your target market. Quick Sprout, an online platform helping businesses to increase their traffic, has some great tips to improve your current SEO strategy.
Track, analyse and optimise
Setting up a new campaign or developing a website can be a daunting task, but once it’s up and running, the hard work starts. You need to continuously track, analyse and optimise your marketing efforts for the best possible results. Planning, creating and executing a marketing campaign is very rewarding. Make sure you achieve your business KPIs, get a higher return on investment by optimising your existing campaign and analyse and optimise your existing copy and creative elements.
Want to prove your business ROI? Download our Marketing Metrics eBook below.
The alignment of all departments is crucial for the success, consistent messaging, and collaboration of teams at all levels. Departments should share a priority: creating customer value and driving company results whether internally or for a client. The aim, if you want to strengthen your bottom line, should be to bring all departments in line to fulfill those needs.
Although quick wins won’t ever replace a well-built marketing strategy, it will always play a big role in your marketing efforts. Many businesses had to change their marketing strategies during the lock down, and with new technological advancements, industries need to adapt and improve their overall marketing abilities. You won’t always have time to create a new marketing strategy, so it’s important to be as agile as possible. Go on, give the claw machine a try!
If you’re not sure where to start, take our digital audit first: